# Intangible Capital Mediation: Z → Intangible → CA

| Variable | S1: Z→Intang | S2: Z→CA | S3: Z+Intang→CA | S4: Intang→CA | S5: Z+I/Y→CA |
|:---|---:|---:|---:|---:|---:|
| Z_1 | -85.9951** | -68.7765** | -100.7892** | | -3.2607 |
| | (34.7105) | (28.2754) | (41.1630) | | (23.7776) |
| Z_2 | 9.9185** | 7.9368** | 12.0642** | | 0.0326 |
| | (4.4880) | (3.7848) | (5.2901) | | (3.1933) |
| Z_3 | -0.3412** | -0.2483* | -0.4146** | | 0.0144 |
| | (0.1636) | (0.1424) | (0.1928) | | (0.1206) |
| fiscal_bal_gdp | 0.2240*** | -0.0734 | 0.2587*** | 0.2791*** | 0.1791*** |
| | (0.0698) | (0.0447) | (0.0701) | (0.0674) | (0.0299) |
| nfa_gdp_lag | -2.6573*** | 0.7296 | 0.8537 | 0.9265 | -0.6784 |
| | (0.7213) | (0.7355) | (0.9170) | (0.8573) | (0.5522) |
| rgdp_growth | -0.1201** | -0.1347*** | 0.0293 | 0.0290 | 0.0484*** |
| | (0.0497) | (0.0282) | (0.0450) | (0.0449) | (0.0185) |
| log_rel_opw | 7.1855*** | 3.6513*** | 4.5922** | 5.9493*** | 4.8143*** |
| | (1.3561) | (1.0900) | (1.7952) | (1.6036) | (1.0395) |
| kaopen | -0.0639 | -0.2828 | 0.7707 | 0.8982 | -0.2681 |
| | (0.6069) | (0.2721) | (0.7088) | (0.7070) | (0.1940) |
| intangible_inv_gdp | | | -0.7905*** | -0.7773*** | |
| | | | (0.0606) | (0.0602) | |
| capital_intensity | | | | | -0.8809*** |
| | | | | | (0.0272) |
|:---|---:|---:|---:|---:|---:|
| N | 247 | 749 | 247 | 247 | 749 |
| R² | 0.6439 | 0.3463 | 0.3130 | 0.2103 | 0.3669 |
| Countries | 25 | 25 | 25 | 25 | 25 |

*Panel GLS with AR(1) correction. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*